Principal & interest or interest only
Interest only: up to 5 years at a time and up to 10 years total
Interest rates vary between principal & interest and interest
only loans. For a full schedule of applicable rates click here

Repayment Frequency

Monthly

Paid By

Direct Debit or Direct Salary Crediting

Additional Payments

Yes

Variable rate: unlimited additional repayments

Fixed rate: Additional repayments up to $10,000 per split
over a 12 month period, calculated from fixed rate commencement

Variation
you can apply for an increase to the principal 6 months
after settlement. All loan variations are subject to approval.

$250 variation fee

Why this is a great home loan.

What you get with this home loan

Get all the essentials with a low rate and no application or ongoing management fees. The Aussie IQ Basic loan also offers:

Discounted variable rates depending on the amount you borrow compared to the value of the property (loan to value ratio). The lower the LVR the higher the discount

Redraw - make additional repayments to reduce your interest and redraw the extra funds whenever you need them

Split the loan – fix the rate on part of it. It's free to do this before settlement

Convert to a fixed rate – any time that you need to be certain about the amount of your monthly repayments

Choose to pay interest only (subject to application and approval)

Banking made easy with access to a first-class banking system and Platinum Debit MasterCard®

No fees at RediATMs and refund of access fee within seconds at all other ATMs

$0 monthly account fee

$0 international purchase fees

Transact in real time, 24/7

This loan is portable, but if you choose to switch the property acting as security there is a $250 fee as well as any third party valuation and solicitor costs.

What you need to know about this loan

It's only for residential properties

The loan term is 30 years

It's free to request a redraw via our website or our customer service team

It's free to split the loan prior to settlement

There are no deferred establishment fees

No ongoing fees

Amount you can borrow

We assess the maximum amount that can be borrowed on a case by case basis. We generally consider a few things such as the size of your deposit and the Loan to Value Ratio (LVR). The LVR is the percentage of the property's value you wish to borrow.

How to make this loan work best for you

Get your salary paid into your loan account and redraw the funds you need. Remember, redraws are free if you request them online. This way you can reduce the amount of interest you need to pay and save money.

For a full schedule of applicable rates for these products, click here.